Starting a business in Florida is not a task to be taken lightly. Especially if you’re not aware of all the legal aspects of taking on such a task. However, having your own business can be very rewarding. It can give you stability and more free time. Besides, creating something from the group up is a very satisfying task. So, it’s clear that becoming an entrepreneur is a good idea, while the path is not an easy one.
Being prepared is the key to beginning and running a successful business. Thus, you’ll need to start planning early if you want your venture to take off. The best way to begin your preparation is to get as much information as possible as early as you can. If this is your first rodeo, you’ll need to be aware of the basic laws and regulations for starting a business in Florida. Some of the laws will be specific to your trade. However, many of these rules apply to every company in the Sunshine State.
Apart from this, you should learn what the best places for young professionals to work or start a business. Your business will thrive better in an open environment with a large need for what you’re supplying. Furthermore, you can research when is the best time to start your particular business.
Have a plan
A crucial step towards starting a business in Florida is to have a plan. A business plan with clear goals and expectations can go a long way in helping your business grow. Write down the things you strive to achieve with your company, as well as the barest expectations of what your business year will look like. Try to achieve as many of your goals while surpassing your expectations. In addition to this, consider what you want your business to look like in five years and strive for that. Even though having a plan is not a legal requirement, you should still have it before you consider starting a business.
Registering your company
The law requires your company to have a name. You can choose any unique company name you’d like. Whatever name you choose it won’t go against any regulations unless it’s discriminating. However, most successful companies have specific names and while you’re naming your business you should consider making the name:
- Easy to say – no long company names among the most successful ones. And all the ones with a long history have started using acronyms instead of their full names.
- Catchy – apart from being concise, your name should also be something that people will easily remember.
- Personal – starting a business in Florida is your thing and entering the world of entrepreneurship is going to be a great experience. Would you really want to raise a business with an impersonal name?
Once you’ve chosen a name, you’ll need to register as a corporation or an LLC. In the Sunshine State, you can also file a DBA (Doing Business As) if you’ll be conducting business under a different name. You can also choose to register as a B, C or S corporation which may be a good idea depending on what’s your business. These, however, are complex and usually require more employees to function properly. Thus, we don’t suggest it if this is your first business. In addition to this, you’ll have to register your company with the county and the state.
When starting a business in Florida, you’ll need to pay your taxes. Register with the IRS and the Department of Revenue. In addition to this, you should contact the County Tax Collector. Legitimizing your company is an important part of starting a business.
See if your business requires any additional licenses or permits and acquire them as soon as possible. It better to take care of that right away than to pay the fines and latent fees late on. These may vary from county to county and even from town to town. However, you should inquire about such things as soon as you establish your business.
Open a bank account
Apart from the fact that you are required by law to have a separate bank account when starting a business in Florida, it’s also a bad idea to mix your personal and company funds. Accidents happen all the time, and all you need is one moment of deconcentration to really put yourself in hot water. Best keep them separate. You can move all the profits into your own personal account once a month or so.
Already own a business?
If you’re not starting a business in Florida, but relocating an existing business to the Sunshine State the same rules apply. You’ll need to register your company’s name, address and bank account with the county and the state. Apart from this, you might need to get specific licenses depending on which city you decide to move your business to. You might also look up when’s the best time to relocate a business and move your company to Florida then. Since commercial relocations can be tricky make sure you hire the Best Cross Country Movers. Only experienced professionals will be able to help you relocate your company without any trouble or stress. This way, you’ll arrive ready to take on the new market!
Finally, when starting a business in Florida, you should keep your cool. Remain calm in the face of tough decisions. Apart from this, a good entrepreneur is armed with patience as well as an eye for opportunity. Don’t expect your company to skyrocket in success overnight. Also, don’t wait for opportunities to fall in your lap. A person is the maker of their own fate, and your business won’t succeed unless you dedicate time and effort into it.